it's a leave at the carcass of their cotton rees that they created behind well sod all bad news actually stays there but i understand that during this crisis barack obama was actually able to get his handicap down he's now golfing with i think a nine handicap. you're really working hard there are a state's number thank so much being on the kaiser report thank you don't go away when i come back i'll be ripping apart joe wiesenthal from business insider so stay right. there is that so much difficulty for you to be sitting here. to. libya is this a mission to protect innocent civilians or a rush for regime change with no plan for the people the war against. we'll. bring you the latest in science and technology from the realms.

we go to the future covered. welcome back to the kaiser report you know nobody goes to drudge report or huffington post anymore they go to business insider dot com why this man joe wilson fall the cia or the oracle the no are all joe welcome back to the kaiser report thanks for having me it's been a long time all right joe let's let's hop into it in you are a legendary paper bug. but i love paper are i love printed currency i love central banks i figure the way to prosperity is to just print more and more that's right and but somehow you managed to see the silver lining in just about every mushroom cloud out there so you're you're conflicted within your soul joe you need to seek an exorcist and have that devil of paper bugged him removed but anyway

joe wiesenthal nuclear disaster in japan revolutions in the middle east north africa chaos reigns and yet joe is a dull you're still a paperboy you still kind of see things. japan is faced with the exit an existential crisis and everyone wants to buy yen what is this collapse going to happen that this this is a great paper this club every time record trees economy gets into trouble every time you'd think we'd be on the precipice of doom people by dollars they buy swiss franc and they buy the yen and they i did see i haven't seen silver gold surging since the since the earthquake you know when the going gets tough the tough go for paper right the gold and silver of consolidating their momentous gains against the dollar and every other fee out worthless piece of garbage out there as the world begins to realize that they can't just print their way out of problems and i let me just cut into something here i just thought of the top of the top the top of the

show i'm very curious your thoughts on this company out of chicago group on last year they raise money to a billion. valuation i saw a headline on business insider dot com today that they are talking to goldman and j.p. morgan about an i.p.o. this year and a twenty five billion dollar valuation i don't think a lot of people around the world it companies only two years old they are probably not unfamiliar with the story can you give people an idea what this company is all about how they value ation jump so high so quick it's a good story credible story is the fact it's the fastest growing billion dollar company of all time the basic idea is you know they send out one email a day to its users offering a great daily deal in their town or theoretically great. so you know half of pizza or have all drinks or they've had some really hysterical ones like how to fall for breast reduction surgery stuff like that and people going crazy for networks and they hire great writers and it's become a big success should all around the country you know it's a great business twenty five billion seems like

a lot of money yeah absolutely is it a sign that we're in a new bubble it very well could be but the business is real ok so this is part of the whole wave of social networking and web two point zero i.p.o.'s possibly coming this year you got linked in dot com twitter dot com groupon dot com this is really the second coming of the internet and all the we saw back in the ninety's late ninety's a huge increase in i.p.o. is of course henry blodget over there business insider well known for his coverage of the space at that time and so for you guys and henry this must be like you know mana from heaven because this really falls into your area i would i would guess from the top level of expertise and the people are asking this question joe is it all is it similar to the late ninety's in terms of being a bubble or as we learned our lessons and this is different i think you know like anything there are similarities and differences you know one of the big that the companies coming public now or that are about to are real business is a group owns

a real business facebook is a real business linked in is a business and look you don't see this talk about twitter i.p.o. ing and it's not you. it a real business of a lot of people's eyes so there is some discretion even among companies. you know another difference is that it hasn't been about mom and pop speculatively put it there for a while and pay into the stocks more serious private investors who make mistakes obviously and can are prone to mania is too but it isn't this public phenomenon of everyone investing in it so yeah you know so is valuations do seem really high but at the same time just you know there's i believe this is more based on actual fundamentals and business i want to talk about something that happened just in the last three weeks it's an interesting cross between pop culture internet culture twitter charlie sheen flamed out over his big t.v. show but he got three close to three million twitter followers in two weeks and he

seems to have invented conan o'brien before him when he got fired from is a network gig took it to twitter and reinvented himself in a lot of ways but this seems to be an interesting challenge to old hollywood if you will i don't have to get much thought of this but if star is going to. he has more followers on twitter that whoever watched two and a half men. and when he was doing his nightly you know charlie's corner live video cast they went totally nuts i mean i think it's kind of like people already over it like you know for the first week of the charlie sheen being people went nuts and they mentioned and now i think people already kind of bored of his antics but you know as a concept this idea that someone can just you know totally say screw you to the network execs and become a star directly to his fans is huge it's got to be incredibly frightening to the studios that they can do this right so the hollywood has been blindsided by the internet every step of the way they just they the only response seems to be to

strengthen you know converse really people have been calling for the death of t.v. for years now and i don't know if you don't watch t.v. anymore never. i was cutting the cord and just going to watch the internet on t.v. that actually hasn't happened not even slightly for you know people still lease of america are still addicted to their t.v.'s and watch it some ridiculously number of hours per day and so it hasn't happened yet people been calling for the death of t.v. for a while it's going to be a little was right but a company like netflix another internet wunderkind is now commissioning original t.v. content directly so they're bypassing the agencies bypassing the studios at first i was kind of skeptical because a lot of these like oh we're going to do our own content thing sounds a little weird but someone pointed out to me you know it's like h.b.o. does it's own content they started all this distribution platform for movies and t.v. shows they started getting into their own t.v. shows and it's been a huge hit and a reason why people are switching to h.b.o. if they can get really good quality like. well produced dramas like h.b.o. has i can totally see it being

a successful business for them all right let's talk about a couple of the competitors in this space if you go to business insider dot com you would think that you guys were you know on the payroll of apple computer or something now that's not true i'm not saying that that's true but you seem to cover apple of awful lot so but of course apple is now the second biggest market capitalized company in the world so it makes sense that you would cover it but they have course want to get into this business amazon dot com want to get into the streaming business netflix is in the business how do you see the three companies in the next couple years who's going to be the winner of the loser what do you think joe wiesenthal i don't you know i would say there could be multiple winners but i do think that netflix faces a real challenge i think amazon is a really interesting one people have a affinity an addiction to amazon services kind of like they have netflix people of their amazon prime people like the music store and amazon people love the kindle so you know adding a streaming element to the website that could be bundled in with one of those things i could see it being a real hit and you know you can apple's huge they've they've had some flops in some

of these experiments specially when they try to get into t.v. and stuff like that but. you can just tell them in the read. we talk about apple some people are just obsessed with a new every new product you know every time one of steve jobs does a keynote for one of his new products people go totally insane for want to see it so it's not really us that are obsessed with apple look we want to in the business of getting people to read our stuff if people weren't obsessed with it we wouldn't write about it let's shift gears for a second although another company going public this year is a company called it's basically owned by penthouse it's called it's a dating service online oh right adult friend finder adult friend finder i know you know the name of it right and but only because i read about it today oh yeah what is a chat roulette going public that would seem like a natural i want to say no i chat roulette a few times joe wiesenthal no i've never been on it but i know i have i have once or twice but that was what you want if you want to look for the bubble chat

roulette goes public i think you could stick a fork in it we could come back here and say all right it's gone too far all right let's say in the in the in the minutes we have remaining here let's go back to your your main psychosis and your obsession with paper and ben bernanke and how this is somehow going to be a legitimate form of economic construction the over there in japan. they've been used buyers of u.s. government treasury bonds are they going to be able to refinance their economy while simultaneously helping to finance the u.s. economy this idea that japan or china or someone is going to dump u.s. treasuries it's been like the longest running myth forever people been calling for the japan to go bankrupt forever of the like oh this is the year that they finally can't service their debt anymore and you know actually i think the problem is that people think about us day in jeopardy is that they're thinking about it as though we're on a gold standard and they think about as though the there's this finite amount of currency in place and that's why they keep making the error that we're all going to

go bankrupt when in fact because we're not you have to think about the debt fundamentally differently and it's not going to be an issue five a donut shop and i'm selling down. for a dollar and they cost me a dollar five cents to produce and i'm losing five cents on every down it is not a good business to be in no ok so the u.s. fed in the bank of japan and the bank of england their currencies are collapsing their economies are collapsing because you know there are all these are normal absent japan has been in some form of quantitative easing for basically twenty years now and the yen is at all time highs what do you explain that or what do you rectify that with your view of how the economy works because they blew through huge multi-trillion dollar savings account they're now net importers of capital and they weren't exports of capital and along with all the don't feel currencies are heading into the into the gutter and this is obviously this is over as discounting this transition away from these overly indebted economies let me ask you a question what percentage of income in the u.s.

is applied toward service saying america's debt i don't know the number but it's actually a low as we haven't seen twenty years ago it's called positive doesn't it if you don't know the number because you don't want to know the number you don't want to face the known situation it's fifteen per cent i post this percent of the income going servicing debt it was in the late ninety's it was only i thought shocking amounts of numbers when i post this video on our site i'm going to include this chart to show that the percentage of debt service has actually gone down as a percentage of g.d.p. that's right given enough slices of pizza and cups of coffee you can look at a chart upside down and draw completely separate in opposite conclusions that i'm just you know i'm just going to put the chart up and all of that speaks for itself it'll be the chart of the day no doubt business it will be the chart of the day that i'll get rid excuse to run this video too i notice also you have the chart of the day that did make it to being chart of the day these are the also ran charts of the day i thought experiment that actually people didn't end up caring about that i thought people would be excited to know what my other thinking was as i was doing

the site but it turned out people didn't care so i haven't brought that one back well i noticed on alexa the traffic over their business insider is a zoo. looming higher and i'm sure you all are looking forward to your own little event as they say in some point if this market continues to be hot but in the meantime job we i.p.o. maybe then you will come back here and talk internet bubble no doubt all right well until then about against to further delve into the misperceptions one as concerning and it's on paper versus metals and thanks again for being on the kaiser report thanks for having me all right and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and our thank my guest you always on follow business insider dot com if you want to send me an e-mail please do so at kaiser report at r t t v are you until next on this is nice guys are saying.

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